via Stratechery:

To put it another way, given the stakes, the benefit from regulation must be massive, which is why the “net neutrality” framing is so powerful: I’ll say it again — who can be against net neutrality? Telling stories about speech being restricted or new companies being unable to pay to access customers tap into both the Internet’s clear impact and the foregone opportunity cost I just described — businesses that are never built.

That, though, is exactly the problem: opportunity costs are a reason to not regulate; clearly evidence of harm are the reasons to do so despite the costs. What is so backwards about this entire debate is that those in favor of regulation are adopting the arguments of anti-regulators — postulating about future harms and foregone opportunities — while pursuing a regulatory approach that is only justified in the face of actual harm.

The fact of the matter is there is zero evidence that harm exists in the sort of systematic way that justifies heavily regulating ISPs; the evidence that does exist suggests that current regulatory structures handle bad actors perfectly well. The only future to fear is the one we never discover because we gave up on the approach that has already brought us so far.

Powerful piece.